How do I take out a mortgage?

I want to buy a mobile home for 40,000 dollars. With an estimated mortgage of 207, 47 monthly insurance, and 40 property tax. The home is located in another state though. I am currently working a full time job marking 9.10 an hour, about 35 hours a week. I have 2 student loans but I m currently in school so no payments are due yet. I have no credit history. Credit karma says my score is 575 but I just got a decline letter from a bank for a credit card that says my score is 633. I was declined for lack of credit history. I dont have anyone that can coding for any loans or anything. I really need a home and to get out of the state. I plan on getting a job there. How can I get a mortgage or improve my credit score? Thanks!

6 Answers

  • 3 years ago

    You need a 2 year job history, good credit (your's isn't) and a down payment.

  • Dan B
    Lv 7
    3 years ago

    You need to move there first and establish a residency (rental usually). Unless you do that, the lender will ask why you are buying an out-of-state mobile home. You certainly won't be owner-occupied (one of the requirements of getting most mortgages). Banks don't finance investment properties unless you place a huge down payment on it - assuming a larger than normal risk.

  • Robt
    Lv 7
    3 years ago

    Sorry kid u barely qualify to rent anything Legal in most of USA.

    Skip it Simple.

    Worst thing u can DO is TRY to buy a trailer.

    Hopefully u got educated adults locally to explain reality to u there FAST.

    Source(s): Builder landlord
  • Eva
    Lv 7
    3 years ago

    You aren't going to get a mortgage any time soon. They want to see at least a 1 yr. stable job history. Your credit score is low. You need at least 10% in cash for a downpayment and closing costs. Mobile home mortgages are usually only 10 yr. term so I think your payment projection is off.

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  • Anonymous
    3 years ago

    With your credit score, income and debt, you aren't going to qualify for a mortgage.

    "I really need a home" You need a place to live, but you don't need to own it.

    There are lots of articles and websites dedicated to teaching young people how to build credit responsibly. Use your Google and then come back here if you have questions.

    P.S. What was your plan on where you were going to PUT this mobile home? How were you going to pay to have it moved? You can't afford to buy land so you'd need to budget in a few hundred a month for lot rent.

  • 3 years ago


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